How to Start a Vape Shop & Other Vape Shop Tips
If you are a passionate vaper with an entrepreneurial spirit, you might have found yourself thinking about taking the leap to start a vape shop of your very own. With your hands-on experience as a vaper, and your knowledge of the vaping community, you should have everything you need to open a vape shop, right? After all, how difficult can it be to sell your favorite vape products to other vapers who share your love for the hobby?
Actually, there is quite a bit involved in opening your own vape store – maybe more than immediately comes to mind. But that shouldn’t deter you. When you take the time to learn about the process of starting your vape business the right way, you get the best opportunity to be a huge success.
Here is a quick guide that gives you a rundown of the basics that you need to know about how to start a vape shop.
How Much Does it Cost to Open a Vape Shop?
There isn’t one exact answer to this question, mainly because there are so many factors that can affect your startup cost. Every vape store is so different, and comes with a different starting price. However, a basic guideline for what you can generally expect is about $25,000 for a small store, and $50,000 for a large one.
There are various expenses involved in starting your own vape business, and preparing yourself for what to expect cost-wise can get you off to a good start. First, you will need to design and build your shop, the cost of which will depend heavily on your starting point. Are you working with a completely blank slate that needs to be build top to bottom, or is there a basic shell to work with? Also consider your rent, insurance, and licensing costs.
As you can probably guess, one of the biggest upfront costs you will have is your inventory. You will need to fill your shelves with quality products, and this takes some investment. However, remember that going cheap on inventory will likely backfire on you because your return on investment will be lower.
How Do I Finance My Vape Store?
You can choose a traditional business loan, though you may end up with a high-interest rate because of the high-risk level that banks associate with vape businesses. Or, there are online loan companies that may be able to offer a better deal. Don’t be afraid to think outside the box and look into options like crowdfunding sites or peer-to-peer lending.
What Should I Know About State Vape Laws?
With many states still figuring out their approach to vaping regulation, it is your responsibility to keep on top of the most up-to-date laws. The last thing you want is to put a lot the work into your shop and then realize you didn’t stick to your legal bounds.
Do your research about the specific laws in your area, and consider hiring a legal expert for guidance if you are unsure.
What Are Some Tips for Establishing a Successful Vape Store?
Think about what you would want in a vape shop – quality products, knowledgeable staff, a friendly environment, and excellent customer service. These things sound simple, but they are often all too rare. Making them a priority will help you stand out from competitors.
What are the Benefits of Becoming a VaporFi Franchiser?
Consider it from your own perspective as an experienced vaper: are you more likely to stop into a new vape store with a name you recognize or one that you’ve never heard of? Most people would agree that their first choice would be to shop with a brand name that they can trust.
Especially in the vaping industry, finding a high-quality brand that doesn’t pass off cheaply made knockoffs as good products can sometimes be a challenge. So, when a brand establishes itself as a name that is synonymous with high standards, premium devices and e-juices – while also maintaining a professional, experienced staff – it builds a very loyal following.
The VaporFi name is one such example, and through our commitment to quality, we have built a powerful trust in our customer base. By becoming a VaporFi franchiser, you can transfer that customer loyalty to your new vape store. You will also be able to stock your shelves with the premium-quality products carried by VaporFi!
On top of all that, our franchising program provides unparalleled support for our franchisers, offering valuable training and a highly effective point of sale program. Combine this with the profit sharing you will enjoy from online sales in your area, and it’s tough to imagine a better path to owning your own vape shop.
Featured Image by Austin Prock on Unsplash
Gianna Del Monte is the Brand Manager at VaporFi. She has been in the vaping industry since June 2015 and has extensive experience in successfully managing and marketing a variety of new vapor product launches. Originally from New Jersey, Gianna has lived in the Miami area for the last 5 years.